posted on Jan, 2 2013 @ 02:23 PM
Originally posted by dc4lifeskater
more importantly the poor got poorer...
A lot of "almost rich" people got wiped out in the downturn. Yes, the lower classes lost a lot, but they really never had anything to begin with. So
they file bankruptcy and start over. They were extended insane amounts of debt to begin with, not really having anything at all.
There people that were borderline millionaires, that lost 50-75% of their net worth. That hurts, because they actually had something to begin with.
It's hard to lose something when you never had anything.
In any case, downturns and bubbles bursting is just a redistribution of wealth. Has been for the past 70 years or so. Simply look back in history and
you can see it repeat itself over and over and over.
One person I know had a decent amount socked away. When the crash happened and people will still calling complete doom, I saw the in opportunity. They
played it, made well over 100k on one equity trade. But for most, they were so wiped out beforehand even if they had the money to put it back in, they